How much money will be in the bank account at the end of 4 years if $5000 is deposited at the end of each year? The interest rate is 12% compounded monthly.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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How much money will be in the bank account at
the end of 4 years if $5000 is deposited at the end
of each year? The interest rate is 12%
compounded monthly.
Transcribed Image Text:How much money will be in the bank account at the end of 4 years if $5000 is deposited at the end of each year? The interest rate is 12% compounded monthly.
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